Please Help: Unsecured Loan show in Balance sheet as a Capitla
Posted Date : 09-Sep-2011 , 05:05:31 pm | Posted By: Mohammad Nazim
Category :
Income Tax | Answers :
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Comments :
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Dear friend please give me Valuable opinion on following metter
Capital of MR A 500000.00
Unsecured loan 200000.00
If Mr A want to increase his capital threw unsecured loan than what will be penalty in income tax act as well as other act
Now Mr A show his capital in the balance sheet as (own capital 500000.00 and unsecured loan 200000.00) Rs.700000.00 with out showing unsecured loan
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Answers:
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 Answer by: Ashish Karundia |
| Dear Nazim,
There is no penalty if one increases his unsecured loan through genuine sources and is establish the same before the Income Tax Authorities.
Please let me know if there is any other issue.
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| Answer by: Ashish Karundia |
| Dear Vipin,
There is no penalty if one shows any amount as unsecured loan. The only thing is that the same should be from genuine source and should not be taken/given in cash otherwise the provisions of Section 269SS/TT will be attracted.
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| Comments |
| Posted By : Mohammad Nazim |
12-Sep-2011, 05:01:26 |
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i was confuse but not now
Thanks a lot sir |
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| Posted By : CA VIPIN GARG |
10-Sep-2011, 05:33:43 |
| No I don't think so there will be any penalty in the above case but can you please brief whether it has been shown intentionally or by mistake and if it has been shown with intention than is there any special purpose ?????? |
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